Best Credit Card with $0 annual fee?

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tomwood
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Best Credit Card with $0 annual fee?

Post by tomwood » Thu Nov 28, 2019 10:15 am

Does anyone know of a 2% cash back credit card, without an annual fee and also offering a promotion of cash back rewards if a certain amount of money is spent in the coming month? In a typical month, gas and groceries are the highest percentage of spending, though in the coming weeks I plan to buy multiple visa gift cards, would they likely qualify as spending for an introductory promotion offer? I don’t care about the balance transfer nor the APR as I always pay the monthly balance in full. I’d also consider opening a new bank account if that’s required to get a great credit card. Thanks to anyone on the forum today and best wishes on thanksgiving

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Re: Best Credit Card with $0 annual fee?

Post by abuss368 » Thu Nov 28, 2019 10:19 am

I use our Wells Fargo cash back card. No annual fee and we get cash back deposited each month into the checking account.
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Re: Best Credit Card with $0 annual fee?

Post by yangtui » Thu Nov 28, 2019 10:27 am

Cards with fees can be worth it. If the signup bonus, ancillary benefits, and rebate scheme fits your lifestyle you can easily make back the fee multiple times over. I had a flight cancelled several years ago and got an insurance payout from my card that was equal to multiple years of annual fees.

7eight9
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Re: Best Credit Card with $0 annual fee?

Post by 7eight9 » Thu Nov 28, 2019 10:28 am

Doctor of Credit has a list of current credit card offers. https://www.doctorofcredit.com/best-cur ... n-bonuses/

Since you specified 2% there is an offer on Citi Double Cash: $100 bonus after $500 in spend within the first three months.
https://www.doctorofcredit.com/citi-in- ... 100-offer/

If you plan to spend more than $500 there are likely cards that will have better offers but not necessarily 2% cash back on an ongoing basis.
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Re: Best Credit Card with $0 annual fee?

Post by H-Town » Thu Nov 28, 2019 10:33 am

tomwood wrote:
Thu Nov 28, 2019 10:15 am
Does anyone know of a 2% cash back credit card, without an annual fee and also offering a promotion of cash back rewards if a certain amount of money is spent in the coming month? In a typical month, gas and groceries are the highest percentage of spending, though in the coming weeks I plan to buy multiple visa gift cards, would they likely qualify as spending for an introductory promotion offer? I don’t care about the balance transfer nor the APR as I always pay the monthly balance in full. I’d also consider opening a new bank account if that’s required to get a great credit card. Thanks to anyone on the forum today and best wishes on thanksgiving
I'm not too sure if buying gift cards qualify for the bonus offer. You will need to look into the fine print.

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tomwood
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Re: Best Credit Card with $0 annual fee?

Post by tomwood » Thu Nov 28, 2019 10:37 am

I like 2% because it’s more than 1.5%. Haha
And I like no fees because it’s less than an annual fee.

But from the few posts already made, I’m I being too shortsighted about this process and question? My credit card purchase aren’t consistent but in a given year it’s typical for me to charge $18k to $30k. My credit score is excellent so I can choose from most any card being offer.

I am really looking only for cash back though, for statement credit, as I don’t travel and so I couldn’t benefit as much from flights or hotel type cards.

It sounds like I’m approaching this from an incorrect angle so, please educate me.

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tomwood
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Re: Best Credit Card with $0 annual fee?

Post by tomwood » Thu Nov 28, 2019 10:38 am

H-Town wrote:
Thu Nov 28, 2019 10:33 am

I'm not too sure if buying gift cards qualify for the bonus offer. You will need to look into the fine print.
Would the fine print likely list visa type gift cards by name as an exclusionary purchase? Or do I need to find some different term? Thanks

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tomwood
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Re: Best Credit Card with $0 annual fee?

Post by tomwood » Thu Nov 28, 2019 10:39 am

7eight9 wrote:
Thu Nov 28, 2019 10:28 am
Doctor of Credit has a list of current credit card offers. https://www.doctorofcredit.com/best-cur ... n-bonuses/

Since you specified 2% there is an offer on Citi Double Cash: $100 bonus after $500 in spend within the first three months.
https://www.doctorofcredit.com/citi-in- ... 100-offer/

If you plan to spend more than $500 there are likely cards that will have better offers but not necessarily 2% cash back on an ongoing basis.
Thank you for opening my eyes. My question was likely shortsighted (as I said a couple posts above)

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tomwood
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Re: Best Credit Card with $0 annual fee?

Post by tomwood » Thu Nov 28, 2019 10:39 am

abuss368 wrote:
Thu Nov 28, 2019 10:19 am
I use our Wells Fargo cash back card. No annual fee and we get cash back deposited each month into the checking account.
Do you know how much cash back it offers?

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tomwood
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Re: Best Credit Card with $0 annual fee?

Post by tomwood » Thu Nov 28, 2019 10:40 am

yangtui wrote:
Thu Nov 28, 2019 10:27 am
Cards with fees can be worth it. If the signup bonus, ancillary benefits, and rebate scheme fits your lifestyle you can easily make back the fee multiple times over. I had a flight cancelled several years ago and got an insurance payout from my card that was equal to multiple years of annual fees.
Thank you for opening my eyes to these points

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Stinky
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Re: Best Credit Card with $0 annual fee?

Post by Stinky » Thu Nov 28, 2019 10:42 am

Citi Double Cash. An excellent card, very good app and website. Highly recommended. 2% back on everything.
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CardinalRule
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Re: Best Credit Card with $0 annual fee?

Post by CardinalRule » Thu Nov 28, 2019 10:45 am

I was disappointed to see that Citi removed the extended warranty and price protection benefits from the Double Cash card a few months ago, as part of a broad rollback of benefits by Citi. I do like the cash back provisions on this card.
7eight9 wrote:
Thu Nov 28, 2019 10:28 am
Doctor of Credit has a list of current credit card offers. https://www.doctorofcredit.com/best-cur ... n-bonuses/

Since you specified 2% there is an offer on Citi Double Cash: $100 bonus after $500 in spend within the first three months.
https://www.doctorofcredit.com/citi-in- ... 100-offer/

If you plan to spend more than $500 there are likely cards that will have better offers but not necessarily 2% cash back on an ongoing basis.

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Re: Best Credit Card with $0 annual fee?

Post by abuss368 » Thu Nov 28, 2019 10:46 am

tomwood wrote:
Thu Nov 28, 2019 10:39 am
abuss368 wrote:
Thu Nov 28, 2019 10:19 am
I use our Wells Fargo cash back card. No annual fee and we get cash back deposited each month into the checking account.
Do you know how much cash back it offers?
May be 1% - 2%. Believe there is a tiered depending on the purchase.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

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Re: Best Credit Card with $0 annual fee?

Post by abuss368 » Thu Nov 28, 2019 10:47 am

CardinalRule wrote:
Thu Nov 28, 2019 10:45 am
I was disappointed to see that Citi removed the extended warranty and price protection benefits from the Double Cash card a few months ago, as part of a broad rollback of benefits by Citi. I do like the cash back provisions on this card.
7eight9 wrote:
Thu Nov 28, 2019 10:28 am
Doctor of Credit has a list of current credit card offers. https://www.doctorofcredit.com/best-cur ... n-bonuses/

Since you specified 2% there is an offer on Citi Double Cash: $100 bonus after $500 in spend within the first three months.
https://www.doctorofcredit.com/citi-in- ... 100-offer/

If you plan to spend more than $500 there are likely cards that will have better offers but not necessarily 2% cash back on an ongoing basis.
I am curious if more of these banks will be rolling back card features. While possibly not increasing fees they are clawing back other features.
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

Eno Deb
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Re: Best Credit Card with $0 annual fee?

Post by Eno Deb » Thu Nov 28, 2019 2:43 pm

tomwood wrote:
Thu Nov 28, 2019 10:15 am
Does anyone know of a 2% cash back credit card, without an annual fee and also offering a promotion of cash back rewards if a certain amount of money is spent in the coming month?
I'm not aware of any flat-rate 2% cash back cards with sign-up bonuses. There aren't really that many cards that offer 2% with no strings attached in general. One is the Citi Double Cash, the other the Fidelity credit card (which requires depositing the cash back into a Fidelity account to receive 2%).
In a typical month, gas and groceries are the highest percentage of spending
If you have $100k in investments that you can park at Merrill Edge (which gives you platinum status), take a look at the BofA Cash Rewards card. With platinum status, it yields 3.5% on groceries, 5.25% on a category of your choice (one of which is gas), and 1.75% on everything else. It also has a sign-up bonus.
though in the coming weeks I plan to buy multiple visa gift cards, would they likely qualify as spending for an introductory promotion offer?
Usually yes.

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Re: Best Credit Card with $0 annual fee?

Post by BD w/ Kung-Fu Grip » Thu Nov 28, 2019 3:23 pm

Fidelity offers a flat 2% and $150 signup bonus after $1500 spend within 90 days. You have to redeem into a Fidelity account to get the full 2% though.

Synchrony offers the same deal, though I'm not sure if it has similar redemption restrictions.

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Re: Best Credit Card with $0 annual fee?

Post by drawpoker » Thu Nov 28, 2019 3:43 pm

BD w/ Kung-Fu Grip wrote:
Thu Nov 28, 2019 3:23 pm
.....You have to redeem into a Fidelity account to get the full 2% though.....
True, but you don't have to leave it there. :P :P
My "Fidelity account" has been carrying a $1.01 balance for most of the year. 'Cuz just as soon as I redeem a $50 bonus it goes straight outta there to my local bank checking account. :D :D

Of course, you have to sign up for the elec. funds transfer option to do this, but that's no big deal, doesn't cost a thing.

OP, with such a high credit score, you should be getting regular offers in the mail for new cards with not only no annual fee, cashback rewards, and 0% APR for 15 or 18 months. IMO, that is what you should be seeking. That 0% APR is worth gold (as long as you have the $$ to pay the balance at the end of the intro period)

If you aren't getting these offers flooding your mailbox - Did you send in those "opt out" requests? If so, I would un-do the opt-outs, and start the opt-ins. :beer You are missing out on too much of what's out there for the taking.

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Re: Best Credit Card with $0 annual fee?

Post by CodeMaster » Thu Nov 28, 2019 5:53 pm


Trader Joe
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Re: Best Credit Card with $0 annual fee?

Post by Trader Joe » Thu Nov 28, 2019 6:06 pm

Citi Double Cash.

trevorshhh
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Re: Best Credit Card with $0 annual fee?

Post by trevorshhh » Thu Nov 28, 2019 6:14 pm

abuss368 wrote:
Thu Nov 28, 2019 10:46 am
tomwood wrote:
Thu Nov 28, 2019 10:39 am
abuss368 wrote:
Thu Nov 28, 2019 10:19 am
I use our Wells Fargo cash back card. No annual fee and we get cash back deposited each month into the checking account.
Do you know how much cash back it offers?
May be 1% - 2%. Believe there is a tiered depending on the purchase.
I have the Wells Fargo Propel Amex. No annual fee, no foreign transaction fee, 3% cashback on many common areas of spend ("Eating out and ordering in; Gas stations, rideshares, and transit; Flights, hotels, homestays, and car rentals; Popular streaming services.") and 1% on everything else. Also has a $300 sign-up bonus. Solid card, though the website for Wells Fargo is more dated than for my other issuers.
"Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land." -Ecclesiastes 11:2 NIV

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Re: Best Credit Card with $0 annual fee?

Post by smalliebigs » Thu Nov 28, 2019 8:03 pm

I have used Chase Freedom Unlimited for many years, the ultimate rewards points is quite flexible. It's 1.5% cash back for all purchases.

Very recently, we have applied for the Citibank Costco Visa, and that's a very good value. We already pay 60$/year for Costco, so we consider the card to be "free". The cash back value is excellent there.

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Re: Best Credit Card with $0 annual fee?

Post by lakpr » Fri Nov 29, 2019 1:58 am

Alliant Credit Union's Platinum Rewards Visa. It is a points based rewards card. If you redeem them for statement credit or deposit into Alliant account (which you should have anyway, since you must be a member first with a savings account to apply for the card), it is essentially a no annual fee 2% card. 5000 points bonus at sign up with qualified spend of $500 in 3 months = $50, a 10% reward rate.

Cyanide123
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Re: Best Credit Card with $0 annual fee?

Post by Cyanide123 » Fri Nov 29, 2019 2:32 am

tomwood wrote:
Thu Nov 28, 2019 10:37 am
I like 2% because it’s more than 1.5%. Haha
And I like no fees because it’s less than an annual fee.

But from the few posts already made, I’m I being too shortsighted about this process and question? My credit card purchase aren’t consistent but in a given year it’s typical for me to charge $18k to $30k. My credit score is excellent so I can choose from most any card being offer.

I am really looking only for cash back though, for statement credit, as I don’t travel and so I couldn’t benefit as much from flights or hotel type cards.

It sounds like I’m approaching this from an incorrect angle so, please educate me.
Above 20k per year maybe you should look into a 2.5 percent cash back card like the alliant visa signature for 99 annual fee.

Or if you have 100k lying around, you could use the bank of America cash back card which is around 2.6 percent cash back

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Re: Best Credit Card with $0 annual fee?

Post by smectym » Fri Nov 29, 2019 4:16 am

smalliebigs wrote:
Thu Nov 28, 2019 8:03 pm
I have used Chase Freedom Unlimited for many years, the ultimate rewards points is quite flexible. It's 1.5% cash back for all purchases.

Very recently, we have applied for the Citibank Costco Visa, and that's a very good value. We already pay 60$/year for Costco, so we consider the card to be "free". The cash back value is excellent there.
Agree re Chase Freedom. Can’t swear there’s not some better card out there but we have realized huge rewards from this card, both checks for cash back and Ultimate Rewards for travel and hotel. In recent years we’ve also picked up Chase Sapphire, which does have a steep annual fee (but a lot of that fee gets comped back)— but I still wonder if we wouldn’t have done better by just sticking with the zero fee Chase Fredom card and riding that horse till it drops

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Re: Best Credit Card with $0 annual fee?

Post by 3000 » Fri Nov 29, 2019 5:13 am

State Department FCU Premium Cash Back+ Visa offers 2% cash back.

smalliebigs
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Re: Best Credit Card with $0 annual fee?

Post by smalliebigs » Fri Nov 29, 2019 7:59 am

smectym wrote:
Fri Nov 29, 2019 4:16 am

Agree re Chase Freedom. Can’t swear there’s not some better card out there but we have realized huge rewards from this card, both checks for cash back and Ultimate Rewards for travel and hotel. In recent years we’ve also picked up Chase Sapphire, which does have a steep annual fee (but a lot of that fee gets comped back)— but I still wonder if we wouldn’t have done better by just sticking with the zero fee Chase Fredom card and riding that horse till it drops
Actually it's interesting that you mentioned the Sapphire Reserve (CSR). I have that, the Freedom card and also the Amazon card. We use the CSR for travel and dining only, and the Freedom Unlimited for mostly everything else.

The initial plan was to use more of the regular Freedom card, but I find the 5 % calendar hard to keep track (I'm lazy), and usually, not really in categories that we use much. We mostly used the regular Freedom when it was 5% off Amazon, until we decided to just apply for the Amazon card - which serendipitously was also issued by Chase. This means we can pool all the UR points from these credit cards into the CSR rewards system, and get 50 % more for the travel for all of these points.

The amount of value we've gotten for the travel rewards more than make up for the $450 annual fee of CSR.

balbrec2
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Re: Best Credit Card with $0 annual fee?

Post by balbrec2 » Fri Nov 29, 2019 9:34 am

Citi double cash along with the Wells Fargo Propel card would have you pretty well covered
the no annual fee camp.

momo54
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Re: Best Credit Card with $0 annual fee?

Post by momo54 » Fri Nov 29, 2019 10:57 am

What is everybody's opinion on the Bank of America cash rewards card. I have the card and frankly considering canceling it or sock drawing it. They changed their reward structure this year to 3% back rotating categories that you can change once a month . It used to be my gas card and grocery card till the change . Also I'm very disappointed in their customer service lately . Hold time up to 1 hour to speak to a CS is to uncommon now. I recently lost my card and after almost one hour on the phone to notify them I hung up and did it on-line. Well the next day the card was still active and was not canceled so I called again and finally spoke to a agent

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Re: Best Credit Card with $0 annual fee?

Post by dodecahedron » Fri Nov 29, 2019 11:31 am

momo54 wrote:
Fri Nov 29, 2019 10:57 am
What is everybody's opinion on the Bank of America cash rewards card. I have the card and frankly considering canceling it or sock drawing it. They changed their reward structure this year to 3% back rotating categories that you can change once a month . It used to be my gas card and grocery card till the change .
My opinion has only increased with respect to the change you note. If you liked having it for gas and groceries, you can certainly keep it that way, but for folks like me who don´t use much gas, I am much better off switching the 3% category to online purchases. Since I am Platinum Preferred (due to holding at least $100K in Vanguard ETFs in Merrill Edge custody), the 3% category actually yields 5.25% back. And my favorite most convenient grocery store has a gift card I can reload on line, which means that groceries as well as online purchases can get 5.25% cash back.
momo54 wrote:
Fri Nov 29, 2019 10:57 am
Also I'm very disappointed in their customer service lately . Hold time up to 1 hour to speak to a CS is to uncommon now. I recently lost my card and after almost one hour on the phone to notify them I hung up and did it on-line. Well the next day the card was still active and was not canceled so I called again and finally spoke to a agent
I am sorry to hear CS has declined for you. I have not needed CS recently but my past experience has always been very good, even before I became Platinum Preferred. There is a nearby brick & mortar branch where I get VIP treatment if I want face-to-face help, but I´ve also had good experience with phone support and online chat.

Losing a card can be a pain. I am less likely to lose my Cash Rewards card because I have it pretty much dedicated to online purchases for the 5.25% cash back, which means I don´t have to carry it around.

Topic Author
tomwood
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Re: Best Credit Card with $0 annual fee?

Post by tomwood » Sun Dec 22, 2019 10:30 pm

drawpoker wrote:
Thu Nov 28, 2019 3:43 pm

OP, with such a high credit score, you should be getting regular offers in the mail for new cards with not only no annual fee, cashback rewards, and 0% APR for 15 or 18 months. IMO, that is what you should be seeking. That 0% APR is worth gold (as long as you have the $$ to pay the balance
I have always paid the balance each month.

Would you explain what the 0% APR means? Does this mean you charge all 15-18 months worth of credit card statements and never make a payment until the 18th months? Unfortunately for me, i don’t even understand what I’m missing out on. Would you please explain

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Re: Best Credit Card with $0 annual fee?

Post by rterickson » Mon Dec 23, 2019 10:35 am

tomwood wrote:
Sun Dec 22, 2019 10:30 pm
drawpoker wrote:
Thu Nov 28, 2019 3:43 pm

OP, with such a high credit score, you should be getting regular offers in the mail for new cards with not only no annual fee, cashback rewards, and 0% APR for 15 or 18 months. IMO, that is what you should be seeking. That 0% APR is worth gold (as long as you have the $$ to pay the balance
I have always paid the balance each month.

Would you explain what the 0% APR means? Does this mean you charge all 15-18 months worth of credit card statements and never make a payment until the 18th months? Unfortunately for me, i don’t even understand what I’m missing out on. Would you please explain
0% APR means that interest is not charged on the balance, so it's essentially a no interest loan. But you do have to make the minimum payment every month.

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tomwood
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Re: Best Credit Card with $0 annual fee?

Post by tomwood » Mon Dec 23, 2019 8:49 pm

rterickson wrote:
Mon Dec 23, 2019 10:35 am
tomwood wrote:
Sun Dec 22, 2019 10:30 pm
drawpoker wrote:
Thu Nov 28, 2019 3:43 pm

OP, with such a high credit score, you should be getting regular offers in the mail for new cards with not only no annual fee, cashback rewards, and 0% APR for 15 or 18 months. IMO, that is what you should be seeking. That 0% APR is worth gold (as long as you have the $$ to pay the balance
I have always paid the balance each month.

Would you explain what the 0% APR means? Does this mean you charge all 15-18 months worth of credit card statements and never make a payment until the 18th months? Unfortunately for me, i don’t even understand what I’m missing out on. Would you please explain
0% APR means that interest is not charged on the balance, so it's essentially a no interest loan. But you do have to make the minimum payment every month.
So many tens of thousands could be adding up as credit card debt interest free so long as the few bucks is paid monthly for the minimum? Then that money that would go to credit card can be placed aside in maybe one of those bank accounts that pay a few hundred when you open a new account with a large chunk of money?

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anon_investor
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Re: Best Credit Card with $0 annual fee?

Post by anon_investor » Mon Dec 23, 2019 9:19 pm

smalliebigs wrote:
Fri Nov 29, 2019 7:59 am
smectym wrote:
Fri Nov 29, 2019 4:16 am

Agree re Chase Freedom. Can’t swear there’s not some better card out there but we have realized huge rewards from this card, both checks for cash back and Ultimate Rewards for travel and hotel. In recent years we’ve also picked up Chase Sapphire, which does have a steep annual fee (but a lot of that fee gets comped back)— but I still wonder if we wouldn’t have done better by just sticking with the zero fee Chase Fredom card and riding that horse till it drops
Actually it's interesting that you mentioned the Sapphire Reserve (CSR). I have that, the Freedom card and also the Amazon card. We use the CSR for travel and dining only, and the Freedom Unlimited for mostly everything else.

The initial plan was to use more of the regular Freedom card, but I find the 5 % calendar hard to keep track (I'm lazy), and usually, not really in categories that we use much. We mostly used the regular Freedom when it was 5% off Amazon, until we decided to just apply for the Amazon card - which serendipitously was also issued by Chase. This means we can pool all the UR points from these credit cards into the CSR rewards system, and get 50 % more for the travel for all of these points.

The amount of value we've gotten for the travel rewards more than make up for the $450 annual fee of CSR.
The amazon visa pts don't count as Chase UR pts do they?

smalliebigs
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Re: Best Credit Card with $0 annual fee?

Post by smalliebigs » Mon Dec 23, 2019 9:23 pm

I've been combining the UR points from my Amazon card with the other credit cards for months now. I'm pretty sure they count

EDIT: I stand corrected. Just double checked. The Amazon card doesn't show on the "Combine Points" section. I always just combine all the points, so I never noticed.

MisterBill
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Re: Best Credit Card with $0 annual fee?

Post by MisterBill » Mon Dec 23, 2019 11:05 pm

tomwood wrote:
Mon Dec 23, 2019 8:49 pm
rterickson wrote:
Mon Dec 23, 2019 10:35 am
0% APR means that interest is not charged on the balance, so it's essentially a no interest loan. But you do have to make the minimum payment every month.
So many tens of thousands could be adding up as credit card debt interest free so long as the few bucks is paid monthly for the minimum? Then that money that would go to credit card can be placed aside in maybe one of those bank accounts that pay a few hundred when you open a new account with a large chunk of money?
Up to your credit limit. I have a BJ's Perks card from Comenity. I only applied for it because the CS person at BJ's was very nice when I signed up for my membership and and I figured she got something if I signed up (had I thought it through, I would not have done it, but as you will see i'm happy that I did). I have never used the card for purchases but they routinely send me 0% balance transfer offers with a 0% fee, which is very rare (typically the 0% BT offers come with 3-5% fees). I have been paying my income tax using my Bank of America card that rebates 2.625% (the fee is under 2% so already a small MM) and then transferring the balance over to the BJ's card since I have coincidentally had a BT offer at the same time. Amusingly, I just got a statement in the mail today (rare since I do e-statements) and they told me that they had increased my credit limit. I guess carrying a $17k balance and paying 1% of the balance each month (at 0% interest) makes me a good customer worthy of more credit. The BT offer was for a limited time, but amazingly, my 0% is good thru the end of 2020!

Anyway, to answer your original question, if you have $100k in assets to stash at Merrill Edge, I would suggest considering going with Bank of America. First, you should be able to get a transfer bonus for moving the assets to Merrill Edge, then you will become a Preferred Rewards Platinum Honors client in three months which gets you a 75% kicker on their credit card rebates. That means that the Travel Rewards or Premium Rewards cards will get you 2.625% back on all purchases. With the Travel Rewards card, you need to redeem it towards travel purchases but those can be from the past 18 months. The Premium Rewards card rewards can be redeemed for cash. It has a $95 annual fee but gets you 3.5% on dining and travel, and reimburses $100 a year in airline incidentals, so if you fly and pay baggage fees, you'll break even (plus you can get the TSA Precheck or Global Entry fee reimbursed). You can also get the Cash Rewards card and get 3.5% back on grocery and warehouse clubs plus 5.25% on one category (choose from travel, online shopping, restaurants, gas and 2 others).

Sorry for the lengthy reply.

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Re: Best Credit Card with $0 annual fee?

Post by MisterBill » Mon Dec 23, 2019 11:08 pm

smalliebigs wrote:
Thu Nov 28, 2019 8:03 pm
Very recently, we have applied for the Citibank Costco Visa, and that's a very good value. We already pay 60$/year for Costco, so we consider the card to be "free". The cash back value is excellent there.
Well, it is free, but you can only get it if you have a Costco membership. That card is good for Costco purchases (2%), restaurants and travel (3%) and gas (4%) but not for everything else, which only get 1%. It's a good card to use in conjunction with a 2% card for that other spending. Be sure to cash out the rebate they send you as a Costco store credit rather than using it to pay for purchases since you'll lose the 2% rebate on that purchase.

Topic Author
tomwood
Posts: 420
Joined: Mon Dec 10, 2018 9:34 am

Re: Best Credit Card with $0 annual fee?

Post by tomwood » Mon Jan 06, 2020 10:37 pm

MisterBill wrote:
Mon Dec 23, 2019 11:05 pm
tomwood wrote:
Mon Dec 23, 2019 8:49 pm
rterickson wrote:
Mon Dec 23, 2019 10:35 am
0% APR means that interest is not charged on the balance, so it's essentially a no interest loan. But you do have to make the minimum payment every month.
So many tens of thousands could be adding up as credit card debt interest free so long as the few bucks is paid monthly for the minimum? Then that money that would go to credit card can be placed aside in maybe one of those bank accounts that pay a few hundred when you open a new account with a large chunk of money?
Up to your credit limit. I have a BJ's Perks card from Comenity. I only applied for it because the CS person at BJ's was very nice when I signed up for my membership and and I figured she got something if I signed up (had I thought it through, I would not have done it, but as you will see i'm happy that I did). I have never used the card for purchases but they routinely send me 0% balance transfer offers with a 0% fee, which is very rare (typically the 0% BT offers come with 3-5% fees). I have been paying my income tax using my Bank of America card that rebates 2.625% (the fee is under 2% so already a small MM) and then transferring the balance over to the BJ's card since I have coincidentally had a BT offer at the same time. Amusingly, I just got a statement in the mail today (rare since I do e-statements) and they told me that they had increased my credit limit. I guess carrying a $17k balance and paying 1% of the balance each month (at 0% interest) makes me a good customer worthy of more credit. The BT offer was for a limited time, but amazingly, my 0% is good thru the end of 2020!

Anyway, to answer your original question, if you have $100k in assets to stash at Merrill Edge, I would suggest considering going with Bank of America. First, you should be able to get a transfer bonus for moving the assets to Merrill Edge, then you will become a Preferred Rewards Platinum Honors client in three months which gets you a 75% kicker on their credit card rebates. That means that the Travel Rewards or Premium Rewards cards will get you 2.625% back on all purchases. With the Travel Rewards card, you need to redeem it towards travel purchases but those can be from the past 18 months. The Premium Rewards card rewards can be redeemed for cash. It has a $95 annual fee but gets you 3.5% on dining and travel, and reimburses $100 a year in airline incidentals, so if you fly and pay baggage fees, you'll break even (plus you can get the TSA Precheck or Global Entry fee reimbursed). You can also get the Cash Rewards card and get 3.5% back on grocery and warehouse clubs plus 5.25% on one category (choose from travel, online shopping, restaurants, gas and 2 others).

Sorry for the lengthy reply.
Unfortunately my bank account is quite a bit shy of $100k.
This lengthy reply was very helpful.
Is there another quality bank offer for less than $100k?

jumbopapa
Posts: 90
Joined: Thu Aug 30, 2018 7:56 am

Re: Best Credit Card with $0 annual fee?

Post by jumbopapa » Mon Jan 06, 2020 10:45 pm

tomwood wrote:
Mon Jan 06, 2020 10:37 pm
MisterBill wrote:
Mon Dec 23, 2019 11:05 pm
Up to your credit limit. I have a BJ's Perks card from Comenity. I only applied for it because the CS person at BJ's was very nice when I signed up for my membership and and I figured she got something if I signed up (had I thought it through, I would not have done it, but as you will see i'm happy that I did). I have never used the card for purchases but they routinely send me 0% balance transfer offers with a 0% fee, which is very rare (typically the 0% BT offers come with 3-5% fees). I have been paying my income tax using my Bank of America card that rebates 2.625% (the fee is under 2% so already a small MM) and then transferring the balance over to the BJ's card since I have coincidentally had a BT offer at the same time. Amusingly, I just got a statement in the mail today (rare since I do e-statements) and they told me that they had increased my credit limit. I guess carrying a $17k balance and paying 1% of the balance each month (at 0% interest) makes me a good customer worthy of more credit. The BT offer was for a limited time, but amazingly, my 0% is good thru the end of 2020!

Anyway, to answer your original question, if you have $100k in assets to stash at Merrill Edge, I would suggest considering going with Bank of America. First, you should be able to get a transfer bonus for moving the assets to Merrill Edge, then you will become a Preferred Rewards Platinum Honors client in three months which gets you a 75% kicker on their credit card rebates. That means that the Travel Rewards or Premium Rewards cards will get you 2.625% back on all purchases. With the Travel Rewards card, you need to redeem it towards travel purchases but those can be from the past 18 months. The Premium Rewards card rewards can be redeemed for cash. It has a $95 annual fee but gets you 3.5% on dining and travel, and reimburses $100 a year in airline incidentals, so if you fly and pay baggage fees, you'll break even (plus you can get the TSA Precheck or Global Entry fee reimbursed). You can also get the Cash Rewards card and get 3.5% back on grocery and warehouse clubs plus 5.25% on one category (choose from travel, online shopping, restaurants, gas and 2 others).

Sorry for the lengthy reply.
Unfortunately my bank account is quite a bit shy of $100k.
This lengthy reply was very helpful.
Is there another quality bank offer for less than $100k?
It's not $100k in cash, but assets. Many people transfer VTSAX/VTI to Merrill Edge and just hold that there for the Platinum Honors.You can do something similar with smaller amounts of assets at Merrill Edge. $20k gets you gold status and gives you a 25% boost, $50k gives you a 50% boost, and then of course $100k gives you platinum honors with the 75% boost. Frugal Professor has a pretty detailed write up about it.

musicmom
Posts: 47
Joined: Sat Apr 11, 2015 4:48 pm

Re: Best Credit Card with $0 annual fee?

Post by musicmom » Mon Jan 06, 2020 11:09 pm

Love my new Amex Blue Cash Preferred. Got $300 bonus 2 months ago.

Not free- has $95 annual fee

BUT

6% on supermarkets and Netflix
3% on gas and transit
1% everything else
Running $250 bonus now.

We use our Chase AMA on Visa for our many amazon purchases for 5% back

And

Costco for costco and restaurants.

Pretty much covered for our family

rj49
Posts: 521
Joined: Wed Feb 23, 2011 12:22 am

Re: Best Credit Card with $0 annual fee?

Post by rj49 » Tue Jan 07, 2020 12:41 am

The best part about Blue Cash Preferred is that gift cards bought in a grocery store get 6% back. I get things like Arco cards, which also give the cash discount price at the pump. But if you buy lots of gift cards and other things just to get a sign-up bonus, you're playing their game and increasing your spending for a relatively meager reward--by not spending that money at all you get a 100% cash back bonus. And dealing with gift cards can be a real hassle, trying to remember where you left them, trying to remember the balance, and trying to deal with low-balance cards.

The Discover card gives 5% back on various categories, including gas, restaurants, Paypal, Amazon/Target/Walmart, and grocery stores, so if you max out the $1500 spending every quarter you can get $75 back, or double that amount for the first year.

The problem with category bonuses, as well as welcome bonuses, is that it encourages excessive spending just to get a meager reward. It's sort of buying a lot of stocks and ETFs just because a company gives free trades. Personally, I decided to stop enriching big banks and chasing rewards and just go with a flat, unlimited 1.5% on a BECU Visa, which I can pay easily from my BECU checking and that doesn't have any minimum cash back amount (I really hate all the cards that require $25 in rewards to cash in). It makes life much more simple, and since other cards made me spend more to get rewards, I'm spending less and thus keeping much more of my money. No more Citi junk mail and 'convenience' checks, no disappearing benefits (like on the Citi Double Cash and my Uber Visa), and no more urges to read thepointsguy.com or other sites pimping (for a referral fee) the latest rewards cards and travel points hacks.

fujiters
Posts: 293
Joined: Tue Mar 06, 2018 2:17 pm

Re: Best Credit Card with $0 annual fee?

Post by fujiters » Tue Jan 07, 2020 3:50 am

jumbopapa wrote:
Mon Jan 06, 2020 10:45 pm
tomwood wrote:
Mon Jan 06, 2020 10:37 pm
MisterBill wrote:
Mon Dec 23, 2019 11:05 pm
Up to your credit limit. I have a BJ's Perks card from Comenity. I only applied for it because the CS person at BJ's was very nice when I signed up for my membership and and I figured she got something if I signed up (had I thought it through, I would not have done it, but as you will see i'm happy that I did). I have never used the card for purchases but they routinely send me 0% balance transfer offers with a 0% fee, which is very rare (typically the 0% BT offers come with 3-5% fees). I have been paying my income tax using my Bank of America card that rebates 2.625% (the fee is under 2% so already a small MM) and then transferring the balance over to the BJ's card since I have coincidentally had a BT offer at the same time. Amusingly, I just got a statement in the mail today (rare since I do e-statements) and they told me that they had increased my credit limit. I guess carrying a $17k balance and paying 1% of the balance each month (at 0% interest) makes me a good customer worthy of more credit. The BT offer was for a limited time, but amazingly, my 0% is good thru the end of 2020!

Anyway, to answer your original question, if you have $100k in assets to stash at Merrill Edge, I would suggest considering going with Bank of America. First, you should be able to get a transfer bonus for moving the assets to Merrill Edge, then you will become a Preferred Rewards Platinum Honors client in three months which gets you a 75% kicker on their credit card rebates. That means that the Travel Rewards or Premium Rewards cards will get you 2.625% back on all purchases. With the Travel Rewards card, you need to redeem it towards travel purchases but those can be from the past 18 months. The Premium Rewards card rewards can be redeemed for cash. It has a $95 annual fee but gets you 3.5% on dining and travel, and reimburses $100 a year in airline incidentals, so if you fly and pay baggage fees, you'll break even (plus you can get the TSA Precheck or Global Entry fee reimbursed). You can also get the Cash Rewards card and get 3.5% back on grocery and warehouse clubs plus 5.25% on one category (choose from travel, online shopping, restaurants, gas and 2 others).

Sorry for the lengthy reply.
Unfortunately my bank account is quite a bit shy of $100k.
This lengthy reply was very helpful.
Is there another quality bank offer for less than $100k?
It's not $100k in cash, but assets. Many people transfer VTSAX/VTI to Merrill Edge and just hold that there for the Platinum Honors.You can do something similar with smaller amounts of assets at Merrill Edge. $20k gets you gold status and gives you a 25% boost, $50k gives you a 50% boost, and then of course $100k gives you platinum honors with the 75% boost. Frugal Professor has a pretty detailed write up about it.
+1 I recently did a be partial transfer of my Roth IRA in order to qualify. Expect transfer bonus and Preferred Rewards eligibility to hit at the end of this month.
“The purpose of the margin of safety is to render the forecast unnecessary.” -Benjamin Graham

wertdaman
Posts: 19
Joined: Fri May 01, 2015 11:17 am

Re: Best Credit Card with $0 annual fee?

Post by wertdaman » Tue Jan 07, 2020 1:27 pm

Cyanide123 wrote:
Fri Nov 29, 2019 2:32 am
tomwood wrote:
Thu Nov 28, 2019 10:37 am
I like 2% because it’s more than 1.5%. Haha
And I like no fees because it’s less than an annual fee.

But from the few posts already made, I’m I being too shortsighted about this process and question? My credit card purchase aren’t consistent but in a given year it’s typical for me to charge $18k to $30k. My credit score is excellent so I can choose from most any card being offer.

I am really looking only for cash back though, for statement credit, as I don’t travel and so I couldn’t benefit as much from flights or hotel type cards.

It sounds like I’m approaching this from an incorrect angle so, please educate me.
Above 20k per year maybe you should look into a 2.5 percent cash back card like the alliant visa signature for 99 annual fee.

Or if you have 100k lying around, you could use the bank of America cash back card which is around 2.6 percent cash back
Thanks for the tip on the Alliant card. I've generally avoided annual fees, but the math is clearly in favor here for this as our everyday card. I'm also happy to transition away from PenFed - their customer service is nowhere near what I've come to expect from using AmEx and Chase in the past.

MisterBill
Posts: 516
Joined: Thu Dec 24, 2015 3:21 pm

Re: Best Credit Card with $0 annual fee?

Post by MisterBill » Sun Jan 12, 2020 12:45 pm

jumbopapa wrote:
Mon Jan 06, 2020 10:45 pm
It's not $100k in cash, but assets. Many people transfer VTSAX/VTI to Merrill Edge and just hold that there for the Platinum Honors.You can do something similar with smaller amounts of assets at Merrill Edge. $20k gets you gold status and gives you a 25% boost, $50k gives you a 50% boost, and then of course $100k gives you platinum honors with the 75% boost. Frugal Professor has a pretty detailed write up about it.
Exactly. I consolidated some stock from a former employer there (I'd had it split across 3 different places). Got the transfer bonus for moving it in and now I get the 75% credit card rebate kicker each month.

sambb
Posts: 2696
Joined: Sun Mar 10, 2013 3:31 pm

Re: Best Credit Card with $0 annual fee?

Post by sambb » Sun Jan 12, 2020 12:46 pm

apple card. amazing esp. if you have an iphone.

Jags4186
Posts: 4099
Joined: Wed Jun 18, 2014 7:12 pm

Re: Best Credit Card with $0 annual fee?

Post by Jags4186 » Sun Jan 12, 2020 12:52 pm

The best single card with no annual fee is IMO the BoA Travel Rewards if you have Platinum Honors status at BoA.

$250 sign up bonus
2.62% cash back everywhere

Other than that Fidelity Visa is 2% cash back and occasionally has a $100 or $200 bonus.

Another great card, if you can get it (invite only) FNBO Travelite.

$250 bonus
1.5% cash back unbonused
3% cash back Travel
Global entry credit every 5 years
$100 annual airline incidental credit

And final option is
Wells Fargo Propel + Wells Fargo Visa Signature

TravelGeek
Posts: 3189
Joined: Sat Oct 25, 2014 3:23 pm

Re: Best Credit Card with $0 annual fee?

Post by TravelGeek » Sun Jan 12, 2020 1:19 pm

sambb wrote:
Sun Jan 12, 2020 12:46 pm
apple card. amazing esp. if you have an iphone.
I think if you don’t have an iPhone you can’t even get/use the card, no?

Jags4186
Posts: 4099
Joined: Wed Jun 18, 2014 7:12 pm

Re: Best Credit Card with $0 annual fee?

Post by Jags4186 » Sun Jan 12, 2020 1:29 pm

TravelGeek wrote:
Sun Jan 12, 2020 1:19 pm
sambb wrote:
Sun Jan 12, 2020 12:46 pm
apple card. amazing esp. if you have an iphone.
I think if you don’t have an iPhone you can’t even get/use the card, no?
Correct. And I find it difficult to find any scenario where the Apple Card could be described as "amazing."

LittleMaggieMae
Posts: 96
Joined: Mon Aug 12, 2019 9:06 pm

Re: Best Credit Card with $0 annual fee?

Post by LittleMaggieMae » Sun Jan 12, 2020 1:40 pm

The OP lists gas and groceries as the typical months highest spends. And they aren't looking for travel rewards... just cash back. Why not go with card(s) that rotate "5%" back on things like gas, groceries, etc.
For the 4 quarters of 2019 I was getting 5% back on gas for two quarters and then 5% back for two quarters on groceries between Discover and Chase Rewards. I also have a BoA card with 2% on Groceries and then 3% choose a category (I do gas - you can change it). I'm forgetful, so I put a bit of tape on my credit card and write what I'm suppose to use it for: Gas or Grocery. :) I spend about $100 a month on gas and probably $400 on groceries for the month. I think the cards have spend limits for the rewards (probably like $!500 for $75 back in rewards per 5% quarter.)

Also Discover usually has a lot of redemption for gift cards offers - like $50 card for $45 in rewards.

Just tossing that out there... it's not that time consuming or difficult to keep track of which cards to use for what for 3 months at a time.

MisterBill
Posts: 516
Joined: Thu Dec 24, 2015 3:21 pm

Re: Best Credit Card with $0 annual fee?

Post by MisterBill » Tue Jan 14, 2020 5:26 pm

Jags4186 wrote:
Sun Jan 12, 2020 12:52 pm
The best single card with no annual fee is IMO the BoA Travel Rewards if you have Platinum Honors status at BoA.

$250 sign up bonus
2.62% cash back everywhere
With the caveat that you need to have travel charges posted to it that you can redeem the points towards.

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